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Office of Homeownership
Federal Mortgage Programs
and Homeownership
Assistance
Contact: 1-800-638-7781 or visit www.hud.gov
American Dream Downpayment Initiative
Contact: Michael Guye 410-396-3124
What is it?
This program provides funding that can be used as closing cost and downpayment
assistance.
Who is eligible?
First-time homebuyers with family incomes of 80 percent or below the area median
income.
American Dream Downpayment Initiative 2007 Income Limits:
1 person $41,300
2 person $47,200
3 person $53,100
4 person $59,000
5 person $63,700
6 person $68,450
7 person $73,150
8 person $77,900
What are the benefits?
$10,000 down payment and closing assistance structured as a 5-year loan forgivable 20 percent per year.
What are the restrictions/loan terms?
Buyer must contribute at least $1,000 towards purchase and must use the property as the principal residence. The home must be inspected by a member of the National Association of Home Inspectors or the American Society of Home Inspectors. The home must be free of any flaking, peeling or chipping paint inside and outside, and the home inspection must document no unstable paint surfaces. Closing on the property must occur within 90 days of the contract date. Loan is forgivable over 5 years.
Housing Choice Voucher Homeownership Program
What is it?
This program helps current Housing Choice Voucher Program participants
purchase homes by converting their monthly rental assistance payments to mortgage
payments.
What are the benefits?
The amount of subsidy depends on family size, income, purchase price, and other
factors, and reflects each individual household's level of affordability.
What are the restrictions/loan terms?
A minimum of 1 percent of the purchase price must come directly from the
purchaser. All homes must be purchased in Baltimore. Participants must meet
regular program eligibility requirements in addition to the new regulations
governing the Homeownership program.
For more information, email or call 443 984-2222
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